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Riot Platforms, a Bitcoin mining company based in Colorado, reduced its net loss for the second quarter to $27.7 million as it increased its Bitcoin output and achieved a record hash rate capacity.
The cryptocurrency miner reported total revenue of $76.7 million, reflecting a 5.2% rise compared to Q2 2022, primarily due to a 27% year-over-year growth in Bitcoin (BTC) production, which was countered by a drop in Bitcoin prices, as indicated in the firm’s results filing on August 9.
The company’s mining revenue of $49.7 million accounted for 64.7% of its total revenue for the quarter. Additionally, $13.5 million was generated through power curtailment credits.
In contrast, its net loss for Q2 marked a significant decrease from the same period last year, which was $353.5 million. This figure was also approximately half of the net loss recorded in the first quarter of 2023.
Riot Platforms successfully reduced its net loss to $27.7 million in Q2. Source: Riot Platforms
The firm mined 1,775 Bitcoin during the quarter, with an average cost of $8,389 per Bitcoin (BTC) in Q2, which was lower than the average cost in Q1.
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Additionally, the mining company achieved a record hash rate capacity of 10.7 exahashes per second and expects this number to rise to 20.1 EH/s by the second quarter of 2024, eventually reaching 35.4 EH/s in 2025.
These projections follow the acquisition of 33,280 mining rigs in late June, with the 35.4 EH/s estimate assuming that Riot will opt to purchase an extra 66,560 miners under the same price and terms in the near future.
Riot anticipates the facility’s hash rate capacity to grow from the current 10.7 EH/s to 35.4 EH/s by 2025. Source: Riot Platforms
Related: Marathon Digital Q2 results miss revenue and earnings forecasts
Although Riot’s share price decreased by 4.42% earlier in the day, it fell an additional 0.86% in after-hours trading shortly after the release of the firm’s results.
Riot’s share price declined 0.86% to $16.34 in after-hours trading. Source: Google Finance
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